What is FOB Price?
What is FOB, C&F & CIF: Freight on board (FOB). This pricing term indicates that the cost of the goods, including all transportation and insurance costs from the manufacturer to the port of departure, as well as the costs of loading the vessel are readfiled in the quoted price.What is FOB, C&F & CIF Freight on board (FOB). This pricing term indicates that the cost of the goods, including all transportation and insurance costs from the manufacturer to the port of departure, as well as the costs of loading the vessel are readfiled in the quoted price.
This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export.
“FOB Price does not include Shipping freight and Insurance charges”
What is C&F ?
“Cost and Freight” – commercial term meaning that the stated value of a shipment of goods includes all costs and freight involved in shipping the goods to their destination.
C&F Price Includes the Vehicle Price + Shipping freight to the port of your country.
What is CIF?
“Cost, insurance and freight” means that the seller delivers when the goods pass the ship’s rail in the port of shipment.
The seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer.
However, in CIF the seller also has to procure marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage.
“CIF Price Includes the Vehicle Price + Shipping freight + Insurance Cost”.
Who is a Shipper?
Shipper is an Owner of the cars. Who contracts delivery with carriers.
Who is a Consignee?
Consignee is Receiver on BL. Responsible to pick up the carriage after unloaded.
What is “B/L”?
B/L – Bill of Lading
Official Legal document signed by the captain, agents, or owners of a vessel, furnishing written evidence of the quality and quantity of cargo for the conveyance and delivery of marchandise sent by sea to a specific destination. It represents ownership of cargo between shipper and carrier.
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